With Macs, you can create a managed account for your student. You can set permissions in the account to limit time on the computer, block websites, view a log of visited sites, limit email contacts, etc. It is a very useful tool but you are only setting controls that apply to your student on your family computer or network.

If you wish to create a managed account for your student, click on the Apple logo in the upper left of the computer window and select System Preferences.
Then click the Accounts icon (the two heads on the lower left).

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After you open the above window, You'll need to click on the little lock on the lower left.

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and enter your admin user name and password.

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Click the little + sign on the lower left (Under Login Option).

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The new account window opens.
You can select Managed with Parental Controls from the dropdown.
Type in the Full Name, Account name, Password. and Hint if you wish.
(FileVault protection encrypts document files. You probably don't need this for your student.)
Click Create Account. Voila! New managed account created. Now you can set controls.

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Click the Open Parental Controls button.

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If you happen to click out of the Accounts window, you can also get to Parental Controls from the Main System Preferences window.
The window below open. You can click on the account you manage to set up controls.

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The System tab lets you block access to applications you don't include in the list and also allows you to select what changes the student can make to password, Dock, etc..

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The Content tab provides content restriction options.

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The Content tab of Parental Controls has a Customize button that opens this window and provides you the option of listing permitted or denied sites.
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On the Mail and iChat window, you can choose to limit mail or iChat contacts and have the system send you an email when the user attempts to email someone who isn't on your list.

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The Time Limits tab lets you set weekday and weekend time limits as well as prevent the student from logging in during set hours. It the student tries to log in during the blocked hours, a pop-up window appears that requires an administrator (you) to permit a time extension.
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The Log window lets you see websites visted, blocked, chats, applications accessed for whatever time period you specify (week, month, etc.)

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